General Electric Co., the world's biggest provider of power-generation equipment, agreed to buy a minority stake in solar thin-film developer and manufacturer PrimeStar Solar Inc. as it expands alternative energy offerings.
Terms of the purchase weren't disclosed. PrimeStar, based in Golden, Colorado, was formed in June 2006 to develop and commercialize thin-film photovoltaic modules, GE said today in a statement. The company has 31 employees.
The GE Energy division in March said it would accelerate its research on solar power, helped by an $8.1 million grant from the U.S. Department of Energy. Chief Executive Officer Jeffrey Immelt plans to invest $1.5 billion annually to research “cleaner'' technologies. GE already owns the U.S.'s biggest wind-turbine maker.
General Electric, based in Fairfield, Connecticut, rose 9 cents to $41.77 at 4 p.m. in New York Stock Exchange composite trading. The shares have climbed 12 percent so far this year.
